New Options for Financing Small and Medium Businesses through the Capital Market
|
|
- Horace Todd
- 5 years ago
- Views:
Transcription
1 New Options for Financing Small and Medium Businesses through the Capital Market Prof. Shmuel Hauser Adv. Offir Eyal Chairman, Israel Securities Authority (ISA) Senior Advisor to the ISA Chairman and Director of ISA's International Affairs Department 97
2 Credit for Small and Medium Businesses: The Key for Growth? The importance of small- and medium-sized businesses to Israel's economy is enormous. These firms also constitute the vast majority of businesses in Israel, and employ the overwhelming majority of workers in the country's business sector. However, these organizations face severe financing difficulties, mainly because such financing relies almost exclusively on banking institutions, and the financing terms have been significantly toughened over the last few years. Bank financing is the main channel for raising funds because, on the one hand, these are businesses that are too small to generate much interest by institutional investors, and, on the other hand, the capital market is too big to be of relevance to such businesses. In recent years, the Israel Securities Authority (ISA) has initiated and implemented, with the support of the Ministry of Finance and Ministry of Justice, more than 100 reliefs in regulation. These reliefs are intended to create balanced regulation for all supervised entities, based on protecting investors, encouraging competition, reducing investment costs, as well as the costs absorbed by these same supervised entities, and creating a supportive business environment. The reliefs were not randomly selected. Rather, they were developed - in an orderly and comprehensive manner - to remove regulatory barriers and incentivize every type and size of company that is considering financing its activities through the capital market. However, upon examining the range of reliefs that have been implemented, as well as the current array of incentives available to companies to mobilize funding through the capital market, the gap is still apparent. Specifically, this chasm is noticeable with regards to the options of financing through the capital market available to companies that are neither small nor large. The ISA's position is that these companies can potentially serve as a real engine for growth in the Israeli economy. Therefore, it is inappropriate to give up on the idea of these businesses being financed through the capital market, and at more attractive rates than those offered by the banks. In this context, the ISA has promoted and continues to promote a variety of courses of action, including bringing small and medium (mainly) companies to the Tel Aviv Stock Exchange, or keeping them there - by easing the applicable rules; allowing small- (less) and medium-sized companies to avoid getting bogged down in regulation by using a 'crowd funding' model or P2P (Peer to Peer) lending; and launching new products on the Tel Aviv Stock Exchange that support investment in small- and medium-sized companies. The most innovative option of all is the creation of a new trading framework for small- and medium-sized companies that reduces regulation and changes the rules of the game, both in terms of disclosure obligations and corporate governance, so as to encourage small- and medium-sized companies to register for trading. 99
3 The Eli Hurvitz Conference on Economy and Society 2017 Background The importance of small- and medium-sized businesses to Israel's economy is enormous. They are an important factor in increasing growth, production capacity and economic prosperity. These businesses also contribute to competition and are an important source of new jobs across diverse geographic areas. There are about 520,000 businesses in Israel that are defined as tiny-, small- or medium-sized. They account for 99.5% of all businesses in Israel and employ about 61% of workers in the business sector. The contribution of small- and medium-sized businesses to Israel's GDP is 54%. Yet despite these impressive data, small- and medium-sized businesses face financing difficulties, especially in recent years. The reason for this is probably that these companies tend to rely almost exclusively on bank financing. However, in the years following the global economic crisis (2008), bank financing became more rigid towards small- and medium-sized businesses. The data show that the costs of bank credit for small businesses are double that of credit to large businesses, although the credit losses of banks from small- and medium-sized businesses do not seem to justify this gap. Moreover, the Israeli banking system is very centralized. The two large banking groups hold about 57% of the country's total assets, and the five largest groups together possess about 94% of all banking assets. It should be noted that small- and medium-sized businesses have almost no possibility of receiving credit from non-banking sources, since, as stated above, institutional investors cannot justify such small investments in resources, while the barriers to entry into the capital market for small and medium businesses are prohibitively high. The importance of small- and medium-sized businesses, on the one hand, and their financing difficulties or high financing costs, on the other, justify new and creative thinking about how to ease and remove barriers to financing. The intention, of course, is not to finance these businesses at all costs (literally), but rather to allow them to choose between a range of options, whereby the 'price' of their financing will be determined according to the principles of a free and competitive market and not according to desires, preferences or limitations such as those of the banking sector. 100
4 Credit for Small and Medium Businesses: The Key for Growth? Of course, this is not just an Israeli issue. Many reports - for example, by the OECD point to the importance of small- and medium-sized businesses to the economy, the difficulties they experience in obtaining financing and credit, the need to develop additional tools for their financing, and the most common ways in which governments intervene in this context by establishing capital funds or granting capital investment benefits. The ISA's Activities in Recent Years and their Effects on Small Business Financing In recent years, the ISA initiated and implemented, with the support of the Ministry of Finance and the Ministry of Justice, more than 100 reliefs in regulation. These reliefs are designed to create a balanced regulation for all supervised entities, based on protecting investors, encouraging competition, reducing costs for investors and supervised entities, and creating a supportive business environment. A significant part of the reliefs in regulation is intended to restore the interest of quality companies in financing their economic activities via the capital market and Tel Aviv Stock Exchange. These reliefs were not chosen by chance, but were specifically designed to remove, in an orderly and comprehensive manner, regulatory barriers and incentivize every type and size of company that is considering financing its operations via the capital market. Examples of these regulatory reforms include: (1) Providing relief for Hi-Tech companies, which enables these firms companies to, among other things, file financial reports in English, in accordance with US GAAP, and receive analysis at subsidized costs as well as various tax incentives. (2) Promoting the 'crowd funding' and P2P (Peer to Peer) lending for financing small companies (detailed below). (3) Easements for small- and medium-sized companies, including: exemption from isox and cancellation of the requirement for quarterly reports. 101
5 The Eli Hurvitz Conference on Economy and Society 2017 (4) Respite for companies that are considering initial public offering. These reforms apply to, among other things: approval of the terms of employment of a controlling shareholder and his/her relative/s as well as officers, exemption from appointment to the "balance committee", possibility of publishing a shelf prospectus at the time of initial issuance, exemption from requirement to file report about effective internal oversight, and allowing meetings with classified investors prior to commence before issuance proceedings have begun. In this context, it is worth mentioning the recent demutualization of the Tel Aviv stock exchange that was approved by the Knesset, which deals with the separation between stock exchange owners (banks and institutional investors) and those who provide trading services, thereby strengthening the infrastructure of stock exchange activity as an important source of competition for capital resources. The amendment of the law regarding demutualization is expected to promote the status and efficiency of the stock exchange, and even allows for the establishment of a new secondary stock exchange. In fact, the ISA has promoted and continues to promote solutions that will enable financing through the capital market, from the stage in which entrepreneurs start developing a product in their garage until the stage in which an established company goes public. However, upon examining the range of reliefs that have been implemented, as well as the current array of incentives available to companies to mobilize funding through the capital market, the gap is still apparent. Specifically, this chasm is noticeable with regards to the options of financing through the capital market available to companies that are neither small nor large. These companies may be too big for the 'crowd funding' model, but too small for institutional investors. But we maintain that we should not give up on the idea of financing such companies through the capital market. Indeed, we believe that the most viable and equitable options for financing small and medium businesses are through the capital market. For this purpose, we will present four courses of action, each of which may promote the financing of small businesses through the capital market. These are not alternative methods of action, but methods of action that can be implemented 102
6 Credit for Small and Medium Businesses: The Key for Growth? simultaneously, so that their cumulative effect will achieve the desired goal. As will be shown, two of these methods of action have already been implemented or are in advanced stages of implementation. One course of action is in the advanced stages of implementation, while another approach is still in the development stage. The underlying concept of the four methods of action is similar: recognition of the fact that one size does not fit all and that the existing regulatory framework is not sufficiently friendly towards small- and medium-sized companies. Therefore, in order to enable these companies to raise capital or debt through the capital market, new and creative ways must be found to make them accessible to the capital market, or the capital market to them, in such a way that the benefit of raising capital or debt from the public exceeds the cost involved. The methods of action are as follows: First Course of Action: Bring or Keep Small- and Medium-Sized Companies into the Tel Aviv Stock Exchange by Easing Relevant, Applicable Rules. The goal of this process is to reduce the costs of listing on the Tel Aviv Stock Exchange to small- and medium-sized companies. In this context, the ISA initiated and recently implemented a number of significant amendments aimed at reducing regulatory costs, specifically to small- and medium-sized companies, in order to encourage these businesses to list for trade on the Tel Aviv Stock Exchange. Public companies dedicate a significant portion of their time and money to the implementation of regulatory directives. But small- and medium-sized companies devote a much larger proportion than large firms. Research shows that in small companies (market value of up to NIS 300 million) regulatory costs can reach 9% of the company's value, while in large companies the regulatory costs are only 0.1% of the value of the company. Therefore, in recent years the ISA has taken steps to reduce the scope of companies' regulatory burdens and to cancel certain disclosure requirements, in order to enable management to allocate significant portions of their companies' resources for business development. For this purpose, the ISA initiated a series of concessions to 'small corporations,' defined as a corporation whose shares or participation units are held by the public 103
7 The Eli Hurvitz Conference on Economy and Society 2017 and whose value is less than NIS 300 million, is not included in one of the leading stock exchange indices and is an entity whose nominal bond value, held by the public, is less than NIS 200 million. Within this framework, the ISA has promoted the following measures (which have already been implemented): (1) The ISA promoted legislation to eliminate the requirement of small companies (as defined above) to file quarterly financial reports in the first and third quarters of the year. This reform is relevant to more than 180 companies, out of about 530 companies reporting that their securities are traded on the stock exchange. As soon as it's implemented, quite a few companies will be eligible for this easement. In this context, it is noteworthy that as of June 6, 2017, 123 companies and partnerships whose securities are traded on the stock exchange have announced the implementation of this change, with respect to the first quarter reports of (2) The ISA facilitated an exemption from publication of reports on the effectiveness of internal control (ISOX), so that small corporations will be required to include only a limited declaration by their managers. (3) The ISA promoted the granting of an exemption from filing a report regarding exposure to market risks and the way this risks are managed to small corporations whose exposure to market risks deriving from financial instruments is immaterial, in accordance with how materiality is determined. (4) The ISA made it easier to attach a valuation to reports by raising the threshold of materiality in connection with the inclusion of a valuation to 20% (instead of 10%). (5) The ISA streamlined the inclusion of reports of affiliated companies by raising the threshold in the interim financial statements of the companies included on the equity basis to 40% (by way of leaving the inclusion threshold for financial statements at 20%). Second Course of Action: Allow Small and Medium Businesses to be Exempt from Regulation As part of this process, the ISA promoted a legislative amendment allowing companies to remain nearly totally exempt from securities laws while raising 104
8 Credit for Small and Medium Businesses: The Key for Growth? significant sums of money by means of 'crowd funding' or P2P. In fact, this is an arrangement that waives much of the regulation related to the raising of small capital or debt. The sums that were ultimately approved to raise as part of the arrangement (up to NIS 6 million per annum) may not only be attractive to only small companies. The model of 'crowd funding' (on which the legislative process has acted) is a fundraising approach aimed at the general public and facilitated via an Internet platform. The idea is to raise small sums from a large number of people. The regulations affecting 'crowd funding' activity have recently been approved. These include the possibility of corporations raising capital as well as issuing debt. The regulations cover the mechanism for 'crowd funding', including the maximum permitted investment volume for investors, maximum permitted amounts of funds to be issued to corporations, supervision by the ISA of the companies operating the Internet recruitment platforms (referred to as the "Offer Coordinator"), requirements for registration as a bid coordinator, and more. According to the regulations, a company may raise capital from the public via this channel of up to NIS 4 million over the course of any 12 month period, or an additional NIS 1 million (up to a maximum of NIS 6 million) if the business has successfully passed certain examinations, or when the a venture capital fund or angel investor (called a 'leading investor') participates in an investment round of no less than 10 percent. It should be noted that there is another business model for financing mass loans. According to this model, the investor only determines the amount he/she wants to invest and the level of risk he/she wants to assume. Meanwhile, the platform chooses and distributes to specific loans in its pool (Peer to Peer lending). Currently, this model is in the advanced stages of the legislative process. Third Course of Action: Bring New Products for Investing in Small and Medium Businesses to the Tel Aviv Stock Exchange Within this framework, the ISA promotes and supports the establishment of high tech funds and of traded funds, as a means to finance small and medium businesses. These funds will provide accessibility for small- and medium-sized businesses to the capital market without them having to register for trading on the Stock Exchange 105
9 The Eli Hurvitz Conference on Economy and Society 2017 (with all that implies); enable interested investors to diversify their investment portfolio and be exposed to non-tradable investments; and facilitate a diversification of investment products on the stock exchange. High-tech funds are designed to encourage investment of Israeli capital in fledgling high-tech companies, and enable Israeli investors to benefit from the success of these companies. Legislation has already been enacted so that high-tech funds specializing in investments in Israeli high-tech companies that are engaged in R & D, including those that are not traded on the stock exchange, can be established. These funds will be established as closed mutual funds that can be traded on the stock exchange, subject to various adjustments. In addition, an interministerial committee established by the ISA and the Accountant General, which is currently concluding its work, has examined and recommended the establishment of designated commercial funds with the aim of creating additional sources of credit for small- and medium-sized businesses. In the first stage, the committee recommended that the funds be provided by a state guarantee for the debts that will be raised. The committee's recommendations include many other arrangements regarding the duties of the fund manager, tax implications, types of securities that will be issued, rules for listing and trading on the Stock Exchange, and more. In general, the committee's recommendations seek to replicate and adapt the model that has already been successfully implemented with respect to REIT funds for investment in investment property in small- and medium-sized businesses. Fourth Course of Action: Create a 'Stock Exchange' or a Designated List for Small- and Medium-Sized Companies This is a completely different approach from what is described in the first course of action: "If Muhammad does not come to the mountain, the mountain should come to Muhammad." The aim of this method of action is to create a new, reduced regulatory framework for small- and medium-sized companies that could serve as an incubator for publicly traded companies, which will one day reach the big leagues. In this context, it will be possible to establish a new trade list or a dedicated stock exchange, with various rules - both in terms of disclosure obligations and corporate governance - that will encourage small- and medium-sized companies to register. 106
10 Credit for Small and Medium Businesses: The Key for Growth? Public companies dedicate a significant portion of their time and money to the implementation of regulatory directives. As noted, small- and medium-sized companies devote a much higher proportion than large companies, so that listing the former in the current format is not worthwhile. As such, the existing rules described above can be remedied, in the hope that reducing regulatory costs will affect the conduct of these small and medium businesses. However, there is another, completely different, way to keep small and mediumsized companies in the capital market or encourage them to register for trading. This could be done by establishing a separate stock exchange or designated list on the Tel Aviv Stock Exchange, whose rules would be "tailored" to the needs of small- and medium-sized companies. As a result, these businesses would be able to raise capital at low threshold requirements and lower regulation, without sacrificing the appropriate protections afforded the investor. It should be noted that models for designated stock exchanges for small- and medium-sized companies already operate around the world. The data show a 92% increase in the number of companies traded on secondary markets worldwide since 2002, while the amount of businesses traded on main stock exchanges only grew by 13.5% during the same period. Of course, the possibility of establishing a designated stock exchange naturally raises a large number of questions and issues: (1) Will this be a completely new stock exchange for small- and medium-sized companies with separate branding, or will it be a new list under the existing stock exchange? (2) What are the lessons that can be learned from the establishment and operation of stock exchanges for small businesses elsewhere in the world, and some that have not lived up to their expectations? (3) What should be the level of supervision of the designated stock exchange? It will be necessary to design an effective, balanced monitoring model that will provide protection to investors in the capital market and at the same time not impose excessive costs on companies in a manner that will stifle the market. Some of the designated stock exchanges around the world adopted a model in which a nominated advisor (NOMAD) who reports to the local securities 107
11 The Eli Hurvitz Conference on Economy and Society 2017 authority or stock exchange performs the supervision. The advisor provides comprehensive business, legal, accounting and consulting services to companies: from registration to trade, up to current reporting and secondary listing of securities. (4) Who is authorized to invest in the designated stock exchange? Is it justified to impose restrictions on entry of investors as a result of the reduced supervision? On the other hand, it may be justified to allow anyone to invest in companies that will be traded on the designated stock exchange, in order to increase demand. It may also be justified to give various incentives to investors on the designated stock exchange, while limiting the amount of investment allowed to each investor. (5) How will the securities issued on the designated stock exchange be offered to the public? Will it be by means of a prospectus? A 'thinner' document, to be signed by the company and whose approval will be predicated on an examination to be performed by the designated consultant? (6) What will be the disclosure and reporting obligations of the companies on the designated stock exchange? Will the financial reports be quarterly or semiannual? And what will these reports will include? According to which accounting rules will they be conducted? It may be justified to reduce the obligation to attach various documents to reports. It is also possible that in terms of the obligation to publish immediate reports, it makes sense to change today's accepted rules. (7) What about the rules of corporate governance? It may also be justified to ease the rules of corporate governance that apply to companies that will be listed on the special list, specifically with regards to the definition and appointment of independent directors, approval of controlling shareholder transactions, number of independent committees, and the appointment of an internal auditor. (8) Are institutional investors expected to invest in the designated stock exchange? If not, what is the liquidity level expected to be? (9) There may also be justification in making changes to the enforcement measures that the ISA will take against violations of the law perpetrated by these 108
12 Credit for Small and Medium Businesses: The Key for Growth? companies. In this context, the question arises as to what will be the correct balancing point between the level of enforcement and risk that investors will be exposed to in view of the other easements offered. All these will be examined within the framework of a committee set up by the Minister of Finance and Minister of Justice to examine possibilities for the establishment of an additional stock exchange. 109
13
Karnit Flug: The credit market and its supervision in the Israeli economy
Karnit Flug: The credit market and its supervision in the Israeli economy Remarks by Dr Karnit Flug, Governor of the Bank of Israel, to the Knesset Economics Committee on the Gray Market, Tel Aviv, 15
More informationFinancing SMEs and Entrepreneurs 2018
Financing SMEs and Entrepreneurs 2018 An OECD Scoreboard ISRAEL This document was produced by the Small and Medium Business Agency and sent to the OECD for comparisons between the OECD countries August
More informationMan vs. Machine: Investment Services in The Digital Age
From Man to Algorithm: Digital Asset Management, Elgo-Trading A revolution In Private Equity Real Estate: The First Prospectus Regulatory Changes in Motion Most Significant Trends In The Securities Field
More informationKarnit Flug: Macroeconomic policy and the performance of the Israeli economy
Karnit Flug: Macroeconomic policy and the performance of the Israeli economy Remarks by Dr Karnit Flug, Governor of the Bank of Israel, to the conference of the Israel Economic Association, Tel Aviv, 18
More informationThe Finance Innovation Lab response to The FCA s regulatory approach to crowdfunding (and similar activities) FCA Consultation Paper CP13/13
The Finance Innovation Lab response to The FCA s regulatory approach to crowdfunding (and similar activities) FCA Consultation Paper CP13/13 1. Background The Finance Innovation Lab is a partnership between
More informationFeatures of Korean Hedge Funds and Their Implications
Features of Korean Hedge Funds and Their Implications Kim, Jongmin* The analysis on Korean hedge fund returns for the recent 14 months using data from media reports found the following. First, the volatility
More informationFROM BILLIONS TO TRILLIONS: TRANSFORMING DEVELOPMENT FINANCE POST-2015 FINANCING FOR DEVELOPMENT: MULTILATERAL DEVELOPMENT FINANCE
DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries) DC2015-0002 April 2, 2015 FROM BILLIONS
More informationIntroduction. (Securitization), June 2005 (herein the Haimovitch-Asher Committee), Section 2.
Executive Summary Introduction Securitization is an important tool in the dispersion of risk and its reallocation within the financial system. A securitized transaction involves the issue of bonds whose
More informationPatient Capital Review Initial comments
Patient Capital Review Initial comments Investment companies are an ideal mechanism to channel long-term development capital directly to small and unquoted business as well as infrastructure projects.
More informationTamar Petroleum Ltd. Financial Statements as of March 31, 2018
Tamar Petroleum Ltd. Financial Statements as of March 31, 2018 Table of Contents Description of the Company's Business Board of Directors Report for the period ended March 31, 2018 Financial Statements
More informationAuthored and prepared by egx
Authored and prepared by egx Annotated Recognition Order egx Canada Inc. Section 24 of the Securities Act, RSBC 1996, c. 418 egx Canada Inc. (egx), a subsidiary of Global Financial Group Inc. (GFG), has
More informationFederal Housing Finance Agency Perspectives on Housing Finance Reform. An Ongoing Conservatorship is Not Sustainable and Needs to End
Federal Housing Finance Agency Perspectives on Housing Finance Reform January 16, 2018 An Ongoing Conservatorship is Not Sustainable and Needs to End The current form of government support for the housing
More informationDeloitte Audit Reform Briefing: Unprecedented reform proposed for the EU audit market
Deloitte Audit Reform Briefing: Unprecedented reform proposed for the EU audit market Some of the European Commission s legislative proposals may have unintended negative consequences to businesses. A
More informationMEITAV DASH INVESTMENTS LTD. INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2018 UNAUDITED INDEX
INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2018 UNAUDITED INDEX Page Review of Interim Consolidated Financial Statements 2 Consolidated Statements of Financial Position 3-4 Consolidated
More information2014 ISRAEL HEDGE FUND SURVEY. Tzur Management
2014 ISRAEL HEDGE FUND SURVEY Tzur Management May 2014 2 Tzur Management 2014 Israel Hedge Fund Survey May 2014 CONTENTS INTRODUCTION 04 ABOUT TZUR MANAGEMENT 04 METHODOLOGY 05 ACKNOWLEDGEMENTS 05 INDUSTRY
More informationBoard of Directors' Report on the State of the Company's Affairs for the Year Ended December 31, 2016 Shufersal Ltd.
Board of Directors' Report on the State of the Company's Affairs for the Year Ended December 31, 2016 Director s Report For the Year Ended December 31, 2016 1 Board of Directors' Report on the State of
More informationPerformance and Innovation
Performance and Innovation Blackstone Chairman s Letter 2018 Another Standout Year 2018 was a year of two starkly different market backdrops. The first nine months were characterized by a persistent move
More informationThere are three pressing reasons why we need a significant and sustained increase in home building:
National Planning Policy Framework: House of Commons Debate BRIEFING Budget 2013 11 March 2013 INTRODUCTION There are three pressing reasons why we need a significant and sustained increase in home building:
More informationThematic Review - Debt issuers. Supervision of Financial Reporting
Thematic Review - Debt issuers Supervision of Financial Reporting October 2011 Table of Contents 1 Conclusion and summary 4 2 Introduction 6 3 Objectives of the thematic review, design and population 7
More informationFederal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on and Market Conduct in Securities and Derivatives
More informationOutline of the System Reform Concerning. the Utilization of Personal Data
(Translation) Outline of the System Reform Concerning the Utilization of Personal Data Strategic Headquarters for the Promotion of an Advanced Information and Telecommunications Network Society (IT Strategic
More informationThe Israel Electric Corporation Ltd.
The Israel Electric Corporation Ltd. Financial Reports For The Three Months Ended March 31, 2018 FILES INDEX The financial reports, for the three months ended March 31, 2018, are presented in a primary
More informationEMBARGOED UNTIL MIDNIGHT ET Obama Administration New Path to Viability for GM & Chrysler. Key Findings
Obama Administration New Path to Viability for GM & Chrysler In accordance with the March 31, 2009 deadline in the U.S. Treasury s loan agreements with General Motors and Chrysler, the Obama Administration
More informationBrussels, XXX COM(2018) 114/2
EUROPEAN COMMISSION Brussels, XXX COM(2018) 114/2 COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE EUROPEAN COUNCIL, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE
More informationDetailed Recommendations 2: Develop Green Funds
Detailed Recommendations 2: Develop Green Funds 2 This is a background paper to the report: Establishing China s Green Financial System published by the Research Bureau of the People s Bank of China and
More informationHC 676 SesSIon december HM Treasury. Maintaining the financial stability of UK banks: update on the support schemes
Report by the Comptroller and Auditor General HC 676 SesSIon 2010 2011 15 december 2010 HM Treasury Maintaining the financial stability of UK banks: update on the support schemes Report by the Comptroller
More informationGreen Finance for Green Growth
2010/FMM/006 Agenda Item: Plenary 2 Green Finance for Green Growth Purpose: Information Submitted by: Korea 17 th Finance Ministers Meeting Kyoto, Japan 5-6 November 2010 EXECUTIVE SUMMARY Required Action/Decision
More informationManufacturing Strategies Guide
Manufacturing Strategies Guide A Manufacturing Strategy for Jobs and a Competitive America Goal 1: To Be the Best Country in the World to Headquarter a Business Manufacturing today is global and mobile.
More informationAFME Response to European Commission Consultation on the EU2020 Industrial Policy Flagship Initiative
AFME Response to European Commission Consultation on the EU2020 Industrial Policy Flagship Initiative 7 th August 2012 Q2.2.1 Access to finance and risk capital: please explain the importance of the issue,
More informationSeizing the opportunity for effective legal reform in Albania
52 Seizing the opportunity for effective legal reform in Albania Jean-Michel Lobet Well designed company law helps protect investors and, thus, encourage investment. Positive reforms to company law help
More informationClal Insurance Enterprises Holdings Ltd. As of June 30, 2018
Clal Insurance Enterprises Holdings Ltd. As of June 30, 2018 This report is an unofficial translation from the Hebrew language and is intended for convenience purposes only. The binding version of the
More informationBig Society Capital Our strategy for the next three years. May 2014
Big Society Capital Our strategy for the next three years May 2014 Introducing our strategy Big Society Capital is an independent financial institution with a social mission, set up to help grow the social
More informationMIRLAND DEVELOPMENT CORPORATION PLC ( MirLand / Company ) UNAUDITED INTERIM CONSOLIDATED REPORT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010
17 November 2010 MIRLAND DEVELOPMENT CORPORATION PLC ( MirLand / Company ) UNAUDITED INTERIM CONSOLIDATED REPORT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2010 MIRLAND CONTINUES TO GROW INCOME AS RUSSIAN
More informationOikocredit International Support Foundation Plans, Objectives and Activities for the period 2014 to 2018
Oikocredit International Support Foundation Plans, Objectives and Activities for the period 2014 to 2018 1. Introduction and purpose of Oikocredit and the Foundation Oikocredit Oikocredit (the Society)
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1
Country Partnership Strategy: Thailand, 2013 2016 A. Sector Issues and Opportunities SECTOR ASSESSMENT (SUMMARY): FINANCE 1 1. Thailand has a sound and well-regulated banking system, capital market, and
More informationThe State Guarantee Fund for Small Businesses
January 2007 The State Guarantee Fund for Small Businesses Ola Shtewee for the Women s Budget Forum Introduction In 2006, the Nobel Peace Price was awarded to Prof. Muhammad Yunus and the Grameen Bank
More informationAssociation of Chartered Professional Accountants of Newfoundland and Labrador
Association of Chartered Professional Accountants of Newfoundland and Labrador Presentation to the Minister of Finance and President of the Treasury Board; Honourable Cathy Bennett Disclaimer: The suggestions
More informationBNY Mellon s. organizations interested in launching their own funds. FundVantage Fund Family
BNY Mellon s Turnkey Mutual Fund Solution Designed for organizations interested in launching their own funds. FundVantage Fund Family Table of Contents Why Launch a Mutual Fund? 1 Fund Start-Up Services
More informationSarah Corrigal-Brown, Senior Legal Counsel, Capital Markets Regulation
June 18, 2014 VIA E-MAIL British Columbia Securities Commission P.O. Box 1042, Pacific Centre 701 West Georgia Street Vancouver, British Columbia V7Y 1L2 Attention: Leslie Rose, Senior Legal Counsel, Corporate
More informationJOINT VENTURES WITH PUBLIC OPERATORS
JOINT VENTURES WITH PUBLIC OPERATORS by Robert J. Plumb and Joseph F. Azrack March 2001 Working Paper #372 By the mid-1990s, the U.S. real estate markets began to emerge from the deep recession that had
More informationMessage from the President
In 2013, the Bank upheld its strategic goal of Serving Society, Delivering Excellence. It continued to focus on operational efficiency, strived to increase market share, accelerated structural streamlining
More informationDRAFT MOTION FOR A RESOLUTION
EUROPEAN PARLIAMT 2014-2019 Plenary sitting 23.4.2015 B8-0000/2015 DRAFT MOTION FOR A RESOLUTION further to Question for Oral Answer B8-xxxx/2015 pursuant to Rule 128(5) of the Rules of Procedure on Building
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationState Of Israel Ministry Of Finance Capital Markets, Insurance And Savings Division
April 30, 2002 SH. 2002-7470 2002/6 State Of Israel Ministry Of Finance Capital Markets, Insurance And Savings Division Circular Letter 2002/6 - Individual Long Term Care Insurance General A long term
More informationOECD GUIDELINES ON INSURER GOVERNANCE
OECD GUIDELINES ON INSURER GOVERNANCE Edition 2017 OECD Guidelines on Insurer Governance 2017 Edition FOREWORD Foreword As financial institutions whose business is the acceptance and management of risk,
More informationChanges in the Israeli banking system
Changes in the Israeli banking system Meir Sokoler I. Introduction During the last decade the Israeli economy has undergone a huge structural change - the share of the advanced high sector has grown significantly
More informationWhatever happened to crowdfunding?
FCA Future Scenarios ++++++++++++++++++++++++++++ All views expressed in this article are those of the author and do not necessarily represent the views of the Dubai Financial Services Authority or of
More informationCLOSED-END FUND SERVICES. Spectra. Professional Services
CLOSED-END FUND SERVICES Spectra Professional Services Spectra Professional Services Spectra Professional Services is an advisory firm providing a wide spectrum of consulting and project management services
More informationMANIFESTO DECENTURION1
MANIFESTO DECENTURION1 2/192 PREAMBULA HUMANITY IS CONSTANTLY STRIVING FOR IMPROVEMENT AND IS ENGAGED IN THE ENDLESS PURSUIT OF EFFICIENCY AND HARMONY. PROGRESS IS THE DRIVING FORCE OF HUMAN EVOLUTION,
More informationKEY PROVISIONS OF THE PROPOSED CROWDFUNDING PROSPECTUS EXEMPTION
KEY PROVISIONS OF THE PROPOSED CROWDFUNDING PROSPECTUS EXEMPTION The following is a summary of the proposed crowdfunding prospectus exemption. We are soliciting comments on the terms and conditions of
More informationTax Justice Network Israel
Tax Justice Network Israel Source: CBS Executive Summary Real Estate Tax and Inequality in Israel Tel Aviv, December 2015 Writing: Adv. Hagai Kalai I Editing: Adv. Moran Harari - Summary - In the last
More informationCroatia and the European Union: an Opportunity, not a Guarantee
and the European Union: an Opportunity, not a Guarantee Europe has invented a Convergence Machine. Much as the United States takes in poor people and transforms them into high income households, the EU
More informationGood Practice Guide. An asset class growing in popularity: What advisers need to know about peer-to-peer lending. Foreword 2
1 Good Practice Guide January 2019 An asset class growing in popularity: What advisers need to know about peer-to-peer lending Foreword 2 Introduction: the search for regular returns 3 An asset class growing
More informationIbec policy brief. How can we encourage more entrepreneurship? What role can the tax system play?
ISSUE 01.16 JANUARY 2016 Taxation of entrepreneurs priorities for the next government Author Gerard Brady Senior Economist gerard.brady@ibec.ie Web www.ibec.ie/ambition Twitter Join the conversation @ibec_irl
More informationEquity Crowdfunding Guide
Equity Crowdfunding Guide FOR INVESTORS 1 P a g e Disclaimer: Crowd88 does not provide investment advice. This guide has been prepared as a support document to provide Investors with a greater understanding
More informationEducation, training, life-long learning and capacity-building
Education, training, life-long learning and capacity-building 1. In your country/region, how is the right to education, training, life-long learning and capacity building in
More informationINDUSTRY OVERVIEW. The global, PRC and Hong Kong economies are assumed to maintain a steady growth over the forecast period; and
Certain facts, statistics and data presented in this section and elsewhere in this document have been derived, in part, from government official publications that we believe to be reliable and appropriate
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1
Capital Market Development Program (RRP SRI 49365) Sector Road Map SECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1 1. Market development. From
More informationRio Grande Foundation Liberty, Opportunity, Prosperity New Mexico
Rio Grande Foundation Liberty, Opportunity, Prosperity New Mexico Stimulating New Mexico s Economy by Phasing out its Personal Income Tax Plan Will Spur Immediate, Future Economic Growth By Paul Gessing
More information"The Capital Markets Union must focus on helping medium-sized firms to access the finance they need to achieve their growth ambitions and create jobs"
The business vision for a Capital Markets Union in Europe CONNECTING CAPITAL "The Capital Markets Union must focus on helping medium-sized firms to access the finance they need to achieve their growth
More informationAssessing Capital Markets Union
6 Assessing Capital Markets Union Quarterly Assessment by Paul Richards Summary It is too early to make an assessment of Capital Markets Union, but not too early to give a market view of the tests by which
More informationCountry-by-country Reporting
CIYPERC Working Paper Series 2017/02 Country-by-country Reporting An exploration of the data potential for tax authorities Richard Murphy City Political Economy Research Centre City, University of London
More informationThe CSC is Canada s leading voice in promoting the importance of services to the Canadian economy. We have two core mandates:
NAFTA Consultations Global Affairs Canada Trade Negotiations North America (TNP) Lester B. Pearson Building 125 Sussex Drive Ottawa, ON K1A 0G2 The 420-360 Albert Street Ottawa, ON K1R 7X7 July 18, 2017
More informationClal Insurance Enterprises Holdings Ltd. As of March 31, 2017
Clal Insurance Enterprises Holdings Ltd. As of March 31, 2017 This report is an unofficial translation from the Hebrew language and is intended for convenience purposes only. The binding version of the
More informationKeynote address International Investors Conference European Capital Markets Union Update and Future
Date: 18 October 2018 ESMA35-43-1376 Keynote address International Investors Conference European Capital Markets Union Update and Future 27 November 2018, Wiesbaden, Germany Verena Ross ESMA Executive
More informationSimplified Prospectus (1)
TD Managed Assets Program Simplified Prospectus (1) TD MANAGED PORTFOLIOS (3) TD Managed Income Portfolio (4)(5) TD Managed Income & Moderate Growth Portfolio (4)(5) TD Managed Balanced Growth Portfolio
More informationSUPPLEMENTARY PEER REVIEW REPORT Phase 2 Implementation of the Standard in Practice ISRAEL
SUPPLEMENTARY PEER REVIEW REPORT Phase 2 Implementation of the Standard in Practice ISRAEL TABLE OF CONTENTS 3 Table of Contents About the Global Forum 5 Executive summary 7 Introduction 11 Information
More informationDevelopment Impact Bond Working Group Summary Document: Consultation Draft
Development Impact Bond Working Group Summary Document: Consultation Draft FULL REPORT CONTENTS 2 Working Group Membership 4 Foreword 6 Summary 8 Development Impact Bond Working Group Recommendations 17
More informationSovereign Debt Restructuring: An overview of ongoing work. Benu Schneider
Sovereign Debt Restructuring: An overview of ongoing work Benu Schneider Identifying Gaps in IMF Architecture for Debt Resolution in a world of open capital accounts New Financing Standstills Adjustment
More informationNo securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. PART A Simplified Prospectus dated December 29, 2011 Income Funds Cambridge Income
More informationCHAPTER 6: Types of Business Organizations
CHAPTER 6: Types of Business Organizations Key Revision Points Organisations and their environment Business organisations are extremely diverse in their form and functions, even within a single business
More informationImmediate Report of an Event or Matter which Deviates from the Corporation's Ordinary Course of Business
This document constitutes an English translation of the report, originally drafted and published in Hebrew. For legal purposes, it is clarified herein that whilst every effort was made to provide accurate
More informationDIRECTORATE FOR FINANCIAL, FISCAL AND ENTERPRISE AFFAIRS OECD INVESTMENT POLICY REVIEWS: ISRAEL. Overview. September 2002
DIRECTORATE FOR FINANCIAL, FISCAL AND ENTERPRISE AFFAIRS OECD INVESTMENT POLICY REVIEWS: ISRAEL Overview September 2002 This report forms part of an OECD publication entitled OECD Investment Policy Reviews:
More informationLessons from Country Experiences in Primary Market Regulations of Corporate Bonds Clemente del Valle Tamuna Loladze
Lessons from Country Experiences in Primary Market Regulations of Corporate Bonds Clemente del Valle Tamuna Loladze April 2012 Outline Key features of the corporate bond market Importance of flexibility
More informationConsultation Memorandum
Consultation Memorandum The New Market 14 March 2014 Contents: Overview Part I Part II Part III Part IV Part V Executive Summary Introduction Background The New Market Design Features Regulatory Overview
More informationTranslated from the Hebrew Legaltrans.com Rina Ne eman. Merger Agreement. Made and signed on the 1 day of the month of May 2018
Merger Agreement Made and signed on the 1 day of the month of May 2018 Between MTI Computers and Software Services (1982) Ltd. Company No. 520040981 of 11 Hamelacha Street, New Industrial Zone, Rosh Ha
More informationOctober The benefits of open reinsurance markets. 1. Introduction
October 2015 The benefits of open reinsurance markets 1. Introduction Open reinsurance markets are vital to enable reinsurance markets to operate efficiently, to diversify risk globally and to promote
More informationTamar Petroleum Ltd. Financial Statements as of September 30, 2018
Tamar Petroleum Ltd. Financial Statements as of September 30, 2018 Table of Contents Description of the Company's Business Board of Directors' Report for the Period Ended September 30, 2018 Condensed Interim
More informationBanking union: restoring financial stability in the Eurozone
EUROPEAN COMMISSION MEMO Brussels, 15 April 2014 Banking union: restoring financial stability in the Eurozone 1. Banking union in a nutshell Since the crisis started in 2008, the European Commission has
More informationStatus and Challenges of Equity Crowdfunding Development. Xiuping Li1
2nd International Conference on Economy, Management and Education Technology (ICEMET 2016) Status and Challenges of Equity Crowdfunding Development Xiuping Li1 1 School economics, Wuhan Donghu University,
More informationBusiness Plan
Business Plan 2017-2019 Contents Executive Summary 3 Introduction 4 1. Market trends 5 2. Member survey 6 3. Strategy 2017-2019 9 Key Priorities 2017-2019 1. Professional 11 2. Research 12 3. Market Information
More informationThe prohibition of money laundering law
The prohibition of money laundering law Bank and customer requirements The main requirements of the Prohibition of Money Laundering Law are presently being implemented. The purpose of the Law is to enable
More informationTax-advantaged venture capital schemes streamlining the advance assurance service
Consultation Response Tax-advantaged venture capital schemes streamlining the advance assurance service January 2017 1 Question 1. In what context are you responding to this consultation? 1.1 We are the
More informationOur Expertise. IFC blends investment with advice and resource mobilization to help the private sector advance development.
Our Expertise IFC blends investment with advice and resource mobilization to help the private sector advance development. Where We Work As the largest global development institution focused on the private
More informationResearch on Chinese Consumer Behavior of Auto Financing
International Conference on Advanced Information and Communication Technology for Education (ICAICTE 2015) Research on Chinese Consumer Behavior of Auto Financing Zheng Yu 1 Zhong Yidan 1 Liu Xiaohong
More informationBoard of Directors Report on the State of the Company s Affairs For the Three-Month Period Ended March 31, 2018
Board of Directors Report on the State of the Company s Affairs For the Three-Month Period Ended March 31, 2018 1 Board of Directors' Report on the State of the Company's Affairs for the Three-Month Period
More informationThe custodian of the Fund is Skandinaviska Enskilda Banken AB (publ) Helsinki Branch (hereinafter the Custodian ).
1 UB Asia REIT Plus Fund UB Fund Management Company Ltd Registered domicile and address Helsinki, Aleksanterinkatu 21 A, 00100 HELSINKI Business identity code 2118101-5 Fund Rules The Financial Supervision
More informationPlate forme européenne de la société civile pour l éducation tout au long de la vie European Civil Society Platform on Lifelong Learning
Plate forme européenne de la société civile pour l éducation tout au long de la vie European Civil Society Platform on Lifelong Learning Contact : EUCIS-LLL 40, rue d Arlon B-1000 Brussels Coordination
More informationFinancial Stability Oversight Council Reform Agenda
Financial Stability Oversight Council Reform Agenda The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) created the Financial Stability Oversight Council (FSOC), composed of 10 voting
More informationNorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest
PROSPECTUS DATED MARCH 27, 2017 Shares (XNTFX) of Beneficial Interest Maximum Offering of 20,000,000 Common Shares NorthStar Real Estate Capital Income Fund-T Common Shares of Beneficial Interest NorthStar
More informationPress Release FSC ANNOUNCED ITS PLAN. July 10, 2014 FOR FINANCIAL REGULATORY REFORM BACKGROUND
A New Era of Hope Creative Finance Financial Inclusion Solid Financial System Press Release July 10, 2014 FSC ANNOUNCED ITS PLAN FOR FINANCIAL REGULATORY REFORM BACKGROUND The FSC announced its plan for
More informationIsrael Corporation Limited. Financial Statements As at March 31, 2006 (Unaudited)
Financial Statements As at March 31, 2006 (Unaudited) Financial Statements as at March 31, 2006 (Unaudited) Contents Page Directors Report A G Auditors Review Report 1 Unaudited Financial Statements: Consolidated
More informationDanske Markets Nordic Bank and Insurance Seminar. Peter Straarup
Danske Markets Nordic Bank and Insurance Seminar Growth opportunities and challenges under a new regulatory regime Peter Straarup CEO and Chairman of the Executive Board, Danske Bank June 3, 2010 SPEECH
More informationPAN-EUROPEAN PENSIONS DESERVE A CHANCE
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) PAN-EUROPEAN PENSIONS DESERVE A CHANCE Launch Event of the Cross Border Benefits Alliance Europe Cross-border
More informationINDUSTRY CONTENT SERIES
INDUSTRY CONTENT SERIES 1 The Rise of Marketplace Lending: Finding Yield in New Places Table of Contents Introduction 2 What is Marketplace Lending 2-4 Marketplace Lending Risks 4-5 Investing Approaches
More informationMay 1, Washington, D.C Washington, D.C
May 1, 2017 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member Committee on Financial Services Committee on Financial Services U.S. House of Representatives U.S. House of
More informationAngel Investment in Japan
Angel Investment in Japan Toshio Sugioka In the United States, the amount of loans by angel investors to venture businesses is reported to be several times greater than equity investment by accredited
More informationConsolidated Financial Results April 1, 2017 March 31, 2018
Consolidated Financial Results April 1, 2017 May 9, 2018 In preparing its consolidated financial information, ORIX Corporation (the Company ) and its subsidiaries have complied with generally accepted
More informationRecent Developments at the Inter-American Development Bank. J. James Spinner General Counsel Inter-American Development Bank
Recent Developments at the Inter-American Development Bank J. James Spinner General Counsel Inter-American Development Bank 2002 Seminar on Current Developments in Monetary and Financial Law International
More informationSTRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA. Table 1: Speed of Aging in Selected OECD Countries. by Randall S. Jones
STRUCTURAL REFORM REFORMING THE PENSION SYSTEM IN KOREA by Randall S. Jones Korea is in the midst of the most rapid demographic transition of any member country of the Organization for Economic Cooperation
More information